Life insurance is a smart investment, especially for the main breadwinner of the home. It offers the peace of mind that your family members will receive financial support when you die. However, even if you are entering the age of retirement and don’t have any dependants, there are other reasons why you may want to think about purchasing life insurance. Regardless of your age, senior life insurance plans are created to cover specific costs related to your death, including one cost in particular that is inevitable—the funeral.
According to the most recent data from the National Funeral Directors Association, the national median cost of a funeral for the calendar year 2006 was $6,105. If a vault is included, which is usually required by a cemetery, that number rises to $7,323. Unfortunately, this cost does not include cemetery, monument or marker costs, nor does it include additional expenses, such as flowers and obituaries. As we head further in 2009, funeral costs are expected to continue rising as they have been for the past 30 years. If you don’t have sufficient amount of money in your savings, your spouse or children will be left to come up with the money to cover these costs. Burial insurance is one way to avoid this burden. In addition, burial insurance gives you the opportunity to choose all of the details related to your funeral. For many people, the opportunity to prearrange their funeral is reason enough to purchase a plan.
